Cardinal Point Capital Management ULC Trims Stock Holdings in Cummins Inc. $CMI

Cardinal Point Capital Management ULC lowered its holdings in Cummins Inc. (NYSE:CMI) by 58.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,000 shares of the company’s stock after selling 1,412 shares during the period. Cardinal Point Capital Management ULC’s holdings in Cummins were worth $538,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Thompson Investment Management Inc. bought a new stake in Cummins during the 4th quarter valued at $26,000. Activest Wealth Management grew its position in shares of Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares in the last quarter. Wellington Shields Capital Management LLC bought a new stake in shares of Cummins during the 4th quarter valued at $27,000. Birchwood Financial Partners Inc. bought a new stake in shares of Cummins during the 4th quarter valued at $28,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in Cummins during the 4th quarter worth about $28,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cummins

In other Cummins news, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the sale, the vice president directly owned 8,316 shares in the company, valued at $5,912,010.72. The trade was a 8.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Nathan R. Stoner sold 607 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the completion of the transaction, the vice president directly owned 9,447 shares of the company’s stock, valued at approximately $6,556,784.82. This represents a 6.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 over the last quarter. Company insiders own 0.30% of the company’s stock.

Cummins Price Performance

Cummins stock opened at $727.12 on Friday. The stock has a market cap of $100.33 billion, a price-to-earnings ratio of 37.73, a PEG ratio of 1.70 and a beta of 1.23. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The business has a 50-day simple moving average of $670.68 and a 200 day simple moving average of $597.08. Cummins Inc. has a 52 week low of $319.37 and a 52 week high of $737.76.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company’s revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the firm posted $5.96 EPS. On average, research analysts forecast that Cummins Inc. will post 29.31 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Analyst Ratings Changes

CMI has been the subject of several analyst reports. Barclays raised their target price on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Wells Fargo & Company increased their price target on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a report on Wednesday, June 17th. Truist Financial set a $815.00 price objective on shares of Cummins in a research report on Wednesday, May 6th. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Finally, Wall Street Zen lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $731.86.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.